WestLB Outsources Clearing to ADP
DüSSELDORF—German bank WestLB has outsourced its clearing and custody to ADP Clearing & Outsourcing Services, a division of Automatic Data Processing (ADP), say bank officials.
Under this arrangement, WestLB will remain a self-clearing entity on ADP's Brokerage Processing Services (BPS) back-office technology, but the work will be done by ADP staff, according to an ADP spokesperson.
WestLB will continue to manage its core business with no impact on front-office activities, finances or related
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